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LyrArc brings in selected articles from many of the world's top publications.

Articles are selected by experts and you can see the gist of the important articles.

In Shift, Prosecutors Are Lenient as Companies Break the Law

6 Groups   
New York Times - 07.07.2011 Original article ›
Gretchen Morgenson, Gretchen, Morgenson, Louise Story, Louise, Story
LyrArc Article Gist
The lack of prosecutions in cases of financial fraud and other cases of wrongdoing after the financial crisis of 2008 by both the Justice Department and the S.E.C. in the U.S. Both agencies of the U.S. government have preferred an approach that does not name executives as defendents and works with the company or financial institution, in many situations having the firm committing the wrongdoing conduct its own investigation.This has led some to question the deterrent effects of this approach. This is particularly important considering the possibility of recurring behaviour in a future crisis. Cozy relations between financial institutions and government agencies and government departments in the U.S. was a key feature of the system before the financial crisis of 2008.
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Comparing Anna’s Lokpal to the Government’s

1 Groups   
Wall Street Journal - 08.18.2011 Original article ›
Amol Sharma, Amol, Sharma, Tripti Lahiri, Tripti, Lahiri
LyrArc Article Gist
There are gaps between this version of the differences and the version on the Wiki site which compares the government version and the civil society version. As the differences can be important because of the local conditions in India it is necessary to read the actual bill and all the details to understand clearly what is at stake. The version on the site suggests the government bill gives the anti-corruption body few powers and operates in a way that would make it ineffective if the government in power decides it is in its interest to do nothing. That situation actually exists today as the current government does not see it in its interest to pursue the corruption cases except in the slowest way possible.
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GDP: Drought knocked 0.2 points off growth in second quarter | Wonkblog

6 Groups   
Washington Post - 09.28.2012 Original article ›
Brad Plummer, Brad, Plummer
LyrArc Article Gist
U.S. GDP growth in the second quarter was at annual pace of 1.3% for the second quarter, down from the previous estimate of 1.7%, according to the Commerce Department. About half of this or 0.2% comes from the severe drought and drop in farm inventories, with crop production declining by $12 billion. Macroeconomic Advisors now estimates GDP growth of 1.5% for the third quarter of 2012, down from 2%. The drought continues in 65.5% of the U.S., according to U.S. Drought Monitor. Consumer spending and business investment is sluggish. The drought impact is likely to take out one tenth of GDP growth for the fourth quarter 2012 and 1st quarter 2013, through the impact of higher food prices and lower real incomes and wealth.
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Original article 2 minutes, gist 1 minute

Sprint Agrees to Sell Majority Stake to Softbank

  
New York Times - 10.14.2012 Original article ›
Michael J. De La Merced, Michael, J., De, La, Merced, Neil Gough, Neil, Gough
LyrArc Article Gist
Sprint's agreement with Softbank to sell a 70% stake to Softbank for $20.1 billion. Sprint has lagged behind Verizon and At&T in offering Long Term Evolution, or LTE, data service. It is struggling with $21 billion in debt and needs the additional investment to support investment on the next generation technologies. Softbank was working on reducing debt estimated at $13 billion and building its LTE network in Japan. The deal for Sprint Nextel therefore comes as a surprise with the additional debt Softbank is taking on, even though Masayoshi Son, the CEO of Softbank, is known for taking on large deals. Softbank shares declined 17% after the first information came out and have dropped an additional 5%. Sprint shares were up 14%.
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Barnes & Noble Seeks Next Chapter

1 Links 4 Groups   
Wall Street Journal - 01.06.2012 Original article ›
Jeffrey A. Trachtenberg, Jeffrey, A., Trachtenberg, Martin Peers, Martin, Peers
LyrArc Article Gist
Barnes & Noble's Nook tablet sales increased to $1.5 billion in the 2011-2012 fiscal year compared to $880 million the prior year. The large investments in the Nook tablet including on advertising has affected the bottom line. Earnings before interest, taxes, depreciation and amortization for Barnes & Noble declined to $163 million in the fiscal year ending April 30, 2011, from the prior fiscal year's $281 million. In contrast to the Nook tablet the Book Simple Touch e-reader did poorly. Barnes & Noble is exploring partnerships, including a minority parnership in the Nook business as a separate stand alone business or selling the Nook business outright. This is because of the huge investments required to compete with Apple and Amazon in the tablet business.
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Rochester’s Survival Lessons

11 Groups   
New York Times - 02.02.2012 Original article ›
Duncan T. Moore, Duncan, T., Moore
LyrArc Article Gist
Duncan Moore of the University of Rochester points out what makes Pittsburgh, San Diego and Rochester different from Detroit, Cleveland and Fresno. The investment in the local community, large universities and the research money they bring in, the small businesses using advanced technologies and connecting with the universities, have helped these communities thrive even when a dominant employer or a dominant business has suffered decline. In Detroit's case it is also learning some of these lessons- the areas around Detroit such as Dearborn are recovering with the recovery of Ford Motor Company, and the University of Michigan in Ann Arbor is a major research hub with large federal funding, the Fiat engineered recovery at Chrysler is also giving new life to the region.
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Fear and Loathing In Athens

1 Links 1 Groups   
Wall Street Journal - 02.14.2012 Original article ›
Brian M. Carney, Brian, M., Carney
LyrArc Article Gist
Greece's problem says Carney, is that borrowed money simply financed the incomes of the large number of government employees- with one third of the workforce in the public sector- the unemployed and those on state pensions. It was not achieved by increasing productivity or increase in production. Nominal private sector labor costs went up by 62% in Greece from 2000 to 2008, when they increased by 15% in Germany. All this was done by using borrowed money after Greece joined the EU in 2001. And all this reckless borrowing was not visible to ordinary Greeks- worse it was being covered up till 2009 by the government till the IMF's Traa pointed this out. And Greeks still cannot come to terms with what happened.
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Washington’s Financial Disaster

2 Groups   
New York Times - 01.29.2011 Original article ›
Frank Partnoy, Frank, Partnoy
LyrArc Article Gist
Because of the political split and bickering in the Financial Crisis Inquiry Commission between Democrats and Republicans, the Commisssion failed to give a lucid account of what caused the crisis and what must be done to prevent future crises. The presssures on the commission were great and led to infighting and resignations. The Commission could not even agree on whether the term" Wall Street" should be used or removed from the report, says professor Portnoy. The 19 hearings were unfocussed, and the funding of $8 million not adequate for the 22 topics to be investigated. These and other reasons have led to a report that fails to achieve its original purpose of giving the public a clear idea of what went wrong and what needs to change.
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IMF Official Says Asian Governments Need to Fight Inflation With Freer Currencies

8 Groups   
Wall Street Journal - 02.15.2011 Original article ›
Enda Curran, Enda, Curran
LyrArc Article Gist
The IMF's Anoop Singh, director of the Asia-Pacific department, says the inflation in Asia and other countries is a result of wider structural economic shifts, not just a one-off result of the weather related food production declines. For this reason the response should be broader reforms to control inflation. Monetary policies alone cannot therefore do the job, more strengthening of currencies will be needed. Singh says some of the underlying demand in Asia is a result of a widening middle class, which implies the price pressures may not be temporary. The high growth rate in Asia has some good and bad aspects. The bad aspect is the quality of some of the growth and the sustainability of that kind of growth, says Singh.
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South Africa's Currency Dilemma

1 Groups   
Wall Street Journal - 03.04.2011 Original article ›
Mariam Isa, Mariam, Isa
LyrArc Article Gist
South Africa's economic growth is expected to be 3.5% in 2011, foreign direct investment is lower, yet the rand which should be closer to eight to the dollar is trading at about 7 to the dollar. The rand appreciated 12% against the dollar in 2010. A lower level for the rand should boost growth to 4% say experts. In recent months net capital outflows - foreigners selling a net 6.6 billion rand or $950 million of bonds and a net 2.3 billion of equities- is helping reverse the high value of the rand. Government policies relaxing the amount residents can take out of the country- allowing 4 million rand to be taken offshore each year- is also intended to weaken the rand.
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George Papandreou Finds Balm for Greece Deficit

1 Links 1 Groups   
New York Times - 06.15.2010 Original article ›
Suzanne Daley, Suzanne, Daley
LyrArc Article Gist
George Papandreou's approach and demeanor has helped rather than hindered finding solutions to the debt crisis in Greece. He has emphasized keeping a modest profile and doing the things that matter most- getting straight down to what Greece needs to do to address its problems when talking to European leaders, putting economic experts like Stiglitz in his inner circle so that he is well aware of how others see Greece's problems, setting a role model for his ministers in cutting down on expensive spending habits. Taking out the BMW and driving a Prius may be just for appearance, but actions like these combined with quiet but decisive steps, are needed to set the right tone as Greece shifts to austerity measures and reduces state spending.
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The Submarine Deals That Helped Sink Greece

1 Links 2 Groups   
Wall Street Journal - 07.10.2010 Original article ›
Christopher Rhoads, Christopher, Rhoads
LyrArc Article Gist
The controversy surounding Greece's purchase of submarines from Germany costing about 1 billion euros. This at a time when public pensions are being reduced by 5%. A vice admiral of the Greek navy resigned in protest citing this reason, and it is reported that the deals are politically motivated, with the Greek deputy prime minister saying that he feels "national shame" about the decision to buy the submarines. Reports question whether the German and French effort to rescue Greece involves efforts to continue military sales to Greece. Chancellor Merkel denies this. In a visit to Athens Turkey's Prime Minister Erdogan said that both Greece and Turkey do not need fighter planes and submarines, and need to reduce military spending to help build their economic future.
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Japan’s Leaders Fret as Nuclear Shutdown Nears

12 Groups   
New York Times - 05.03.2012 Original article ›
Martin Fackler, Martin, Fackler
LyrArc Article Gist
There is deep distrust of the Japanese government on the safety of nuclear reactors and a sense that the regulatory system has failed. In the most recent development, Osaka's mayor Toru Hashimoto, is withholding local approval for starting up 2 nuclear reactors at the Ohi plant, near Osaka. The 2 reactors passed simulated stress tests and were expected to be up and running, but public mistrust of the tests led to Hashimoto holding back on approval. Hashimoto was able to do this because Osaka is the largest shareholder in Kansai Electric Power. Hashimoto says he not against nuclear power, but against the top down regulatory system which works closley with power plant companies to protect their interests, with very little transparency on decisions and methods.
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U.S. Presses India On Iran Oil Buys

1 Links 15 Groups   
Wall Street Journal - 05.09.2012 Original article ›
Amol Sharma, Amol, Sharma
LyrArc Article Gist
India has reduced imports of oil from Iran from 12% in 2011 to about 9% by the end of April, 2012. A senior state department official from the U.S., Carlos Pascual, will be in India in mid May 2012 to assess the energy situation and see what specific energy facilities in India need to do. Some of the refineries in India are designed to handle only the kind of heavy oil Iran supplies. For the U.S. the issue is keeping up the pressure on Iran during the talks in Istanbul, Turkey, on Iran's nuclear program. For India it has the vital trade and economic relationship with the U.S. balanced against cultural ties to the region and the need for oil supplies.
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44 Percent of Americans Approve of Supreme Court in New Poll

1 Links 19 Groups   
New York Times - 06.07.2012 Original article ›
Adam Liptak, Adam, Liptak, Allison Kopicki, Allison, Kopicki
LyrArc Article Gist
A new CBS-New York Times opinion poll in June 2012 shows 44% of those polled approve the job the Supreme Court is performing and about three fourths say the decisions of justices of the court are influenced by their political and personal views. By comparison only 15% approve of the job done by the U.S. Congress in the most recent poll. Only one in eight say the justices make decisions based solely on legal analysis. About 60% say they agree that life tenure for justices is bad because it gives too much power to justices. On the health care law two thirds of those polled say they hope some or all of the 2010 Obama health care law is overturned.
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Coke Ready to Share Cash, Not Blame

15 Groups   
Wall Street Journal - 06.18.2012 Original article ›
Mike Esterl, Mike, Esterl
LyrArc Article Gist
Coca Cola's new Turkish-American CEO Muhtar Kent is interviewed by the WSJ's Mike Esterl. Kent answers questions about obesity and Coke, about management style, plans with Coca Cola's cash reserves of $13 billion, and his olive grove in the Aegean part of Turkey. He says he is a hands-on person and spends one day in the market every week wherever he is, keen on learning something each time. He points to the time spent on trucks during the seven and half months in 1978, when he joined the company. His response to the obesity issue is that Coca Cola is now a 500 plus brand, 3000 products company, of which 800 introduced in the last 4-5 years are calorie free or low calorie.
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At Ground Zero, Obama quietly completes a circle - The Washington Post

1 Groups   
Washington Post - 05.06.2011 Original article ›
Sally Jenkins, Sally, Jenkins
LyrArc Article Gist
President Obama uses the solemn occasion in memory of the victims of the 9/11 attacks to lay flowers. 60 relatives of victims attended the ceremony days after the killing of Osama bin Laden in Pakistan. In an effort to bring closure to the event the President used the occasion to show respect to the victims with silence and no speeches or remarks were made except for a short private address at the "pride of Midtown" firehouse. It was a time to reflect. It was in sharp contrast to the days after the attacks. Not much moved, the cranes on the construction site were silent, only the leaves on the limbs of the pear tree known as the Survivor tree rustled in the wind.
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Original article 6 minutes, gist 1 minute

A Rift in Worldviews Is Exposed as Clinton Faults Obama on Policy

2 Links 6 Groups   
New York Times - 08.11.2014 Original article ›
Mark Landler, Mark, Landler
LyrArc Article Gist
Interview with Hillary Clinton, former U.S. Secretary of State, in Atlantic magazine, August 2014. In the interview Clinton is critical of U.S. president Obama's approach to foreign policy, and the "don't do stupid stuff" comment by Obama that is the psychology behind Obama's foreign policy of avoiding involvement in overseas conflicts- even when it was badly needed to preserve the U.S. role in the world. Hillary Clinton presented the Obama outlook on foreign policy as inward looking and cautious at every step, to the point of making America look pessimistic about the world and its role. This situation she described as not conducive to making any better decisions than the Bush-Cheney era approach of aggressively and even jingoistically pushing the country into foreign conflicts.
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Clinton, Obama and Iraq

16 Groups   
New York Times - 08.11.2014 Original article ›
David Brooks, David, Brooks
LyrArc Article Gist
David Brooks of the NYT comments on the Hillary Clinton interview by Goldberg in the Atlantic magazine, where she criticized U.S. president Obama for a weak foreign policy and failure to act in Syria. Brooks says Obama's failure to act in the robust manner Clinton is advocating only leads Obama into situations where he is forced to act later as the situation deteriorates with more serious consequences for the U.S. By not acting in a timely manner the U.S. may be forced into greater involvement later, which makes Obama's "don't do stupid stuff" less of a sound idea than it appears. As Clinton points out not leading to better decisions in the same manner as the Bush-Cheney jingoistic policy making.
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EU Lays Groundwork for Antitrust Charges Against Google

3 Groups   
Wall Street Journal - 04.02.2015 Original article ›
Tom Fairless And Alistair Barr, Tom, Fairless, And, Alistair, Barr
LyrArc Article Gist
Experts point to several factors favoring a lawsuit by the EU against Google. Google's dominance in Europe is higher than in the U.S., with Google used for 90% of web searches in Europe. The case is easier to build in Europe because the EU commission acts as prosecutor, and EU judges in Luxembourg rarely overturn the commission's major decisions. The EU competition commissioner, Margrethe Vestager, who took office in Nov.1, 2014, sees the need to give smaller internet companies room to compete with Google as a definite priority. She favors setting a legal precedent through a formal court process, and says that "citizens and companies should see that we are willing to go to court if that is the right thing to do."
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Defense Chief: Subversion, ‘Big Lie’ Are in Russia’s Arsenal

1 Links 14 Groups   
Wall Street Journal - 06.06.2015 Original article ›
Gordon Lubold, Gordon, Lubold
LyrArc Article Gist
Defense Secretary Ashton Carter, says the allies and NATO can improve their response to Russian president Putin's intervention in Eastern Europe by developing better intelligence sharing capabilities, and getting partner nations to invest more in their military capabilities. In an interview with an Italian newspaper on a visit to Europe. Carter said ceasefire terms in Ukraine should be implemented, and that the U.S. should exert more pressure on Ukrainian officials whom he blamed for the breakdown. He said about "Operation Atlantic Resolve," military exercizes in Europe, conducted to support Eastern European allies through training, cooperation and increased presence since 2014- "Our exercize and training programs, which are tremendously successful, they're tremendously popular- we need to do more of that, get more allies involved."
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Mortgage, Home-Equity Woes Linger

1 Links   
Wall Street Journal - 05.20.2014 Original article ›
Conor Dougherty, Conor, Dougherty
LyrArc Article Gist
About 10 million households in the U.S. are underwater in their mortgages, living in homes that are worth less than what they owe on the mortgage. According to Zillow Inc. in the first quarter of 2014, about 9.7 million households or 18.8% of U.S. homeowners are underwater in their mortgage. Another 10 million U.S. households have less than 20% equity in their homes. Underwater homes are concentrated in the bottom third of the price range with 30% in this range, resulting in fewer homes available to new first time buyers entering the market. At the same time the higher mortgage rates and 11% price increases in the last 2 years make homes costlier for first time buyers who face sticker shock, according to Zillow economists.
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G.M.’s Flawed Culture

8 Groups   
New York Times - 06.11.2014 Original article ›
Steven Rattner, Steven, Rattner
LyrArc Article Gist
Rattner calls his own contact with GM's culture a revelation of what went really wrong at the automaker before the bankruptcy. He refers to the "nods" and the "salutes," the superficial power point presentations, and failed leadership, calling it hugely disappointing and stunning in its scope and extent. The greatest damage is done to GM's employees, its partners and customers, and to America, with the collapse of values and culture at a key manufacturing company. Did Akerson and Whittaker, CEO's brought in from the outside after the bankruptcy, get a grip on this and make changes, or was their period at the company too short to make an impact. The period since the recalls has not convinced the American public that GM is now a different company.
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Shinzo Abe’s Bid to Shake Up Corporate Japan

7 Groups   
New York Times - 06.24.2014 Original article ›
Hiroko Tabuchi, Hiroko, Tabuchi
LyrArc Article Gist
Changes to Japan's corporate governance code being pushed forward by the Abe administration will give more importance to shareholders interests. This includes improving transparency and management structure, including more independent outside directors on boards, to breakup cozy relationships of executives running corporations in Japan. Improving return on equity is part of the plan proposed by Abe. The government has offered to cut the corporate tax rate down to below 30% in a few years as part of the new deal. Abe told the nation in a televised address that "there are neither taboos or sacred cows, only a singular strong devotion to see this through to the very end." Abe called for more women in the workforce, and the hiring of more foreign workers.
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BMW Launches Its First Mass-Production Electric Car

7 Groups   
Wall Street Journal - 07.30.2013 Original article ›
Joseph B. White, Joseph, B., White
LyrArc Article Gist
BMW's first mass production electric car the i3 will go on sale inthe U.S. in the second quarter of 2014, priced at $41,350. It is a city car with a range of 100 miles from one charge. BMW will launch a i8 in 2014. The i8 is a super sports car with high fuel economy. A electric motor drives the front wheels and a 3 cylinder gasoline engine drives rear wheels. BMW's CEO Reithofer has increased spending on R&D so that it can meet the 30% of automobiles that have to be hybrids or electric vehicles by 2025 for BMW to meet higher European auto emissions standards. R&D spending was up 17% in 2012 to 9.2 billion euros, and capital spending up 42%.
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